London

Goldman Sachs has said it would move much of its European business out of London if Britain leaves the European Union. The warning from the world’s most powerful investment bank comes as political pressure for Britain to leave the EU mounts. David Cameron has committed to holding a referendum on Britain’s membership if the Conservatives win the next election and some Tory MPs have been agitating for an early vote on the matter. Michael Sherwood, co-chief executive of Goldman Sachs International, said: “In all likelihood we would transfer a substantial part of our European business from London to a eurozone location – the most obvious contenders being Paris and Frankfurt.” [Guardian via Heidi Moore]

  • 02 Dec 2013 at 2:58 PM
  • Banks

Bonus Watch ’13: A League Table That Citigroup Is On Top Of

The House of Corbat was the place to be on Friday in London. Read more »

  • 22 Oct 2013 at 12:05 PM

Shuttering Watch ’13: SAC UK

SAC Capital’s London office is reportedly packing it in. Read more »

Data from the London Sperm Bank (LSB) reveals that finance workers are some of the most prolific spreaders of their seed. On average, 36 finance professionals visit the bank every month. This puts them on a par with students, and compares to donations from just three chefs and six film makers. Only IT managers are more keen (45 a month, on average). Dr. Kamal Ahuja, managing director of the LSB says finance professionals are frequent visitors to the Bridge Centre near London’s Tower Bridge. Gamete donors aren’t paid in the UK, but the clinic offers £35 ($56) to cover any costs. Ahuja says a lot of the bankers who visit refuse the payment. “They want to donate and to make a gesture – like blood donors. Some of them have seen the effects of infertility and want to help.” Ahuja cites one particular investment banking donor who has made ten separate donations (the maximum allowed under British rules) and has consistently declined to be compensated. “Because of his personal wealth, he doesn’t care for the money. He has helped to create ten families.” Male bankers’ apparent enthusiasm for gamete distribution is useful. Ahuja and others say female bankers in their 40s are big users of donated sp*rm and that they like to select donors they have an affinity with. “Female bankers are more fussy and selective than other people when they’re choosing donor gametes,” says Andrew Berkley, director at City Fertility. Ahuja agrees: “Female bankers are extremely interested in determining the intellect and profession of their donors.” [eFinancial]

Former JP Morgan trader Javier Martin-Artajo was released after telling a Madrid court he opposed attempts by U.S. prosecutors to extradite him on charges he hid trading losses that cost the bank $6.2 billion. The former trader turned himself in this morning after being contacted by investigators, a Spanish police official said. He was released after a hearing in Madrid today in which he said he was unwilling to be extradited, according to a spokeswoman for the National Court. The U.S. this month charged Martin-Artajo, a Spanish citizen, and Julien Grout, a French citizen, with trying to hide the losses stemming from trades by Bruno Iksil, the Frenchman at the center of the case who became known as the “London Whale.” Grout and Martin-Artajo face as long as 20 years in prison if convicted of the most serious counts, including conspiracy and wire fraud…Martin-Artajo’s lawyer, Lista Cannon, didn’t immediately respond to a call seeking comment today. He “is confident that when a complete and fair reconstruction of these complex events is completed, he will be cleared of any wrongdoing,” a spokeswoman for his law firm said earlier this month. [Bloomberg, Earlier: If There’s Some Reason Indicted JP Morgan Employee Should Cut Vacation Short, Fly To U.S., He Hasn’t Heard It]

  • 12 Jul 2013 at 11:45 AM
  • Banks

A Tale Of One City

It is the best of times (for those getting hired by London banks) and the worst of times (for those still trying to get hired by London banks). Read more »

Remember Kashya Hildebrand, the former Moore Capital Management partner whose ill-advised-but-not-illicit-according-to-her currency trades cost her husband his job as head of the Swiss National Bank?

Well, she’s doing great and getting out of the fusty hellhole that is Zürich, where they understand neither cutting-edge Middle Eastern art nor the beauty of a well-timed franc-dollar trade. Read more »